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Aug 3, 2013
08/13
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going back in detroit. morgan hit the nail on the head. you have a city whose population reduced two-thirds since the 1950s and they have a land mass you could fit manhattan and botton and san francisco into and they are raising taxes. when you have fewer people, you are trying to find some way to pay the bills. obviously it didn't work. you can't take that to a national sphere. >> other cities had a population encrose and they increase the tax it doesn't mean that the city gets better, does it? >> no, i want to cut taxes any chance we can get. mile per hour has highway tax rate and also the home of greatest global brands. what killed detroit was the fact that the tea and its people and companies were stuck in the 20th century. poor cities and states continue to cling to manufacturing jobs. rich cities and states design goods and manufacture them overseas. if detroit wants to get in the 21st century it will rise again. cutting taxes will help. >> rich, there is a lot of factors that go in a demise of the tea like detroit but taxes didn't h
going back in detroit. morgan hit the nail on the head. you have a city whose population reduced two-thirds since the 1950s and they have a land mass you could fit manhattan and botton and san francisco into and they are raising taxes. when you have fewer people, you are trying to find some way to pay the bills. obviously it didn't work. you can't take that to a national sphere. >> other cities had a population encrose and they increase the tax it doesn't mean that the city gets better,...
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Aug 10, 2013
08/13
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MSNBC
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and he is taking the narrative from detroit, michigan. it is okay if a city goes bankrupt. as long as we can break the unions, screw the workers and blame it on them and let the rich people run free i can tell you if. this guy is the media darling. he may be one of the toughest media commentaries that has ever been blistered on this guy but dam it, he deserves it. he the people who have worked in the city for 30 years and earned a pension. this narrative that the conservatives are playing out, now in the richett city in america, you know what? you are the problem the biggest voting bloc, the biggest social networking machine the democrats have is organized labor. they're doing everything they can to destroy it across this country. get your cell phones out. i want to know what you think. does mayor michael bloomberg care more about wall street? or workers? you can always go to our blog at msnbc.com and leave a comment there. we'll bring you the results later in the show. >>> how do you turn your back on an american worker? how do you make the case to the public that people t
and he is taking the narrative from detroit, michigan. it is okay if a city goes bankrupt. as long as we can break the unions, screw the workers and blame it on them and let the rich people run free i can tell you if. this guy is the media darling. he may be one of the toughest media commentaries that has ever been blistered on this guy but dam it, he deserves it. he the people who have worked in the city for 30 years and earned a pension. this narrative that the conservatives are playing out,...
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Aug 10, 2013
08/13
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gerri: i have to ask you about detroit your city -- company is fond of the city you have a bright sny new ildings so whatoes detroit we do to make it out of the nkruptcy >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. private investment is that the all-time high. that is certainly difficult but it is long overdue that this happened so we have to address the problems of this city in the bankruptcy is difficult but it is giving us the opportunity to deal th legacy issues to come out the other side. we have to get through the bankruptcy process and that will take time but as we look at this we're bullish on the straight that they have great balance and great infrastructure to have our renaissance like it deserves gerri: great's formation we appreciate you comin on. , back. >> my pleasure. i am happy to come back. gerri: a lot still to come how to turn your part-time job into full-time and the they are sending your kid to college but what about loans for day care? i am not kidding. we will talk abo
gerri: i have to ask you about detroit your city -- company is fond of the city you have a bright sny new ildings so whatoes detroit we do to make it out of the nkruptcy >> there's been a lot of great things happening and we have been involved with that over the last two or three years to invest in the city. private investment is that the all-time high. that is certainly difficult but it is long overdue that this happened so we have to address the problems of this city in the bankruptcy...
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Aug 17, 2013
08/13
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could new york city be heading the way of detroit? mayor michael bloom blom said the risk of bankruptcy is role and the successor will have their work out for them. the mayor is punting an expensive problem. david miller examines the city's financial future. >> the new yorkers will elect a new mayor. >> avoiding the hard chose system how detroit went bankrupt. the city workers contributed to detroit's work. and threatening the new york economic stability. they pay nothing for 6.throe billion in annual health care and workers may little for pensions that have taxpayers on the hock. >> the new york city has 10,000 police officers retired who are under 40 and collecting pension and they will collect them for the rest of their lives. >> contracts for all city workers expired three years ago. and the next mayor will be under pressure to win concessions. >> the unions tonight want to negotiate with mayor blom bloom. he is a tough businessman. many remember when the city almost went broke after president ford said no to a bail out. the edito
could new york city be heading the way of detroit? mayor michael bloom blom said the risk of bankruptcy is role and the successor will have their work out for them. the mayor is punting an expensive problem. david miller examines the city's financial future. >> the new yorkers will elect a new mayor. >> avoiding the hard chose system how detroit went bankrupt. the city workers contributed to detroit's work. and threatening the new york economic stability. they pay nothing for...
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Aug 17, 2013
08/13
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the mayor says new could be the next detroit. coming up next, what he says could put the city on a path to bankruptcy. and her husband made the ultimate sacrifice. why the wife of an arizona firefighter killed in the line of duty is fighting for benefits. any last requests mr. baldwin? do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps, and...it's taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how did he not see that coming? what's in your wallet? ♪ the middle of this special moment and i need to run off to the bathroom. ♪ i'm fed up with always having to put my bladder's needs ahead of my daughter. ♪ so today, i'm finally talking to my doctor about overactive bladder symptoms. [ female announcer ] know that gotta go feeling? ask your doctor
the mayor says new could be the next detroit. coming up next, what he says could put the city on a path to bankruptcy. and her husband made the ultimate sacrifice. why the wife of an arizona firefighter killed in the line of duty is fighting for benefits. any last requests mr. baldwin? do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight...
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Aug 3, 2013
08/13
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. >>> and then hard core deals at the store in detroit. >> i will give you the whole package, everything included. golf clubs and a crowbar, and $800 altogether. >> sounds good. >> thank you very much. >> i will have my guys write you up. >> joining me on the streets of new york for a lesson to try and get the best price on everything. if you have not asked your boss for a raise, watch this before you do it. to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you can actually use, you never miss the fun. beard growing contest and go! ♪ i win! what's in your wallet? vietnam in 1972. [ all ] fort benning, georgia in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation. because it offers a superior level of protection and because usaa's commitment to serve military members, veterans, and their families is without equal. begin yo
. >>> and then hard core deals at the store in detroit. >> i will give you the whole package, everything included. golf clubs and a crowbar, and $800 altogether. >> sounds good. >> thank you very much. >> i will have my guys write you up. >> joining me on the streets of new york for a lesson to try and get the best price on everything. if you have not asked your boss for a raise, watch this before you do it. to fly home for the big family reunion. you must...
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Aug 7, 2013
08/13
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or a yet to be named bowl in detroit. acc congratulations. before we go, our team's top five things of the day. number five, the little girl who had a pair of double lung transplants turned 11 years old today. her mother says she is recovering nicely. stop collecting the names and addresses whose case got dismissed client trying to get the death penalty. president obama has called off a meeting with russia's president set for next month. the putin put down. the white house says it's partly because russia gave person temporary asylum to that nsa leaker snowden. a man hunt on now for a guy accused of murdering a woman and kidnapping daughter. the teenager's says knows the suspect very well. that suspect could be headed out of the country. and that's "the fox report's" top five. and on this day in 1942, allied forces launched operation watchtower. the first major u.s. offensive against japan during world war ii. a month earlier the japanese troops had landed on gwatney that canal a small island. they immediately started building an air field. al
or a yet to be named bowl in detroit. acc congratulations. before we go, our team's top five things of the day. number five, the little girl who had a pair of double lung transplants turned 11 years old today. her mother says she is recovering nicely. stop collecting the names and addresses whose case got dismissed client trying to get the death penalty. president obama has called off a meeting with russia's president set for next month. the putin put down. the white house says it's partly...
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Aug 14, 2013
08/13
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to philadelphia, baltimore, it's 51 degrees right now in detroit. i mean, it's jacket weather in the great lakes this morning. beautiful afternoon, though, enjoy this. this looks to stay with us right through the weekend. from chicago to minneapolis to new york. a great little stretch. boston will be nice, too, by the way. >> i saw leaves falling. >> that's probably a dead tree. >> they shouldn't be falling this early. >>> coming up at the top of the hour on morning joe we're tra tracking breaking news from egypt. a live report. >>> when we come back here -- the cooler. not sure if it was possible that san diego mayor bob philner may have hit bottom. a city business that is now banning him. we'll be right back. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be
to philadelphia, baltimore, it's 51 degrees right now in detroit. i mean, it's jacket weather in the great lakes this morning. beautiful afternoon, though, enjoy this. this looks to stay with us right through the weekend. from chicago to minneapolis to new york. a great little stretch. boston will be nice, too, by the way. >> i saw leaves falling. >> that's probably a dead tree. >> they shouldn't be falling this early. >>> coming up at the top of the hour on morning...
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Aug 12, 2013
08/13
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>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black population, a white guy, a write-in won, a guy who turned around eight hospitals, mike dougin won in a city of 80% african-american people. why is that not big news? that, you know, somebody because of the fiscal abilities was elected by the people of detroit, so to just say go back to the old, oh, a check missing in the drawer. >> in reality, though, to talk about fixing anything, i don't care what it is, an alcoholic or whatever it is, first and foremost, admit you have a problem. i think you, to a certain problem did that by electing someone that may be the city might not have elected before. this i
>> hie, yeah, charles, on the detroit thing, because i'm from detroit, i'm in detroit. i have to say one thick about that check. yes, we know that was a big mistake, one million in the drawer, you know, kind of like the 13 billion dollars that went poof in the bush administration in iraq. >> nancy, come on. nancy. >> you know, what was not breaking news, what was not national news is we had an election, a mayor primary, the election last week, and in the city of 80% black...
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Aug 14, 2013
08/13
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detroit paid a consulting firm 288,000 dollars for 11 employees to only work for two weeks last month. that includes money for a 22-year-old who graduated from college just last year. critics are outraged. someone with little experience will be paid that much money. the city defending the race said they would be getting a discount. >> nice work if you can get it, right? >> a juror is breaking his violence the day after a guilt verdict was reached in the case of a one-time boston mob boss. five days of deliberating got so tins that some jurors wanted out of it. after more than 32 hours bulger was convicted of 11 murders and 7 other charges. >> there were some jurors that could have settled this the first day. there was very cautious people. it would have been nice to hear from him to see if he wasn't guilty of other charges. bu bulgel will be sentence the friday. >>> airlines are showing some of the best numbers in 19 years. the department of transportation found 16 flats arriights arrive 15 minutes of the scheduled time within the next six months. what's to thanks for the long running
detroit paid a consulting firm 288,000 dollars for 11 employees to only work for two weeks last month. that includes money for a 22-year-old who graduated from college just last year. critics are outraged. someone with little experience will be paid that much money. the city defending the race said they would be getting a discount. >> nice work if you can get it, right? >> a juror is breaking his violence the day after a guilt verdict was reached in the case of a one-time boston mob...
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Aug 8, 2013
08/13
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MSNBC
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detroit gets the win. that is 11 in a row. >>> using one of fan crashes sporting events, kind of annoying. it's kind of funny. last night in miami, renaldo led in the championship. he had two goals. an overzealous fan runs on to the field. okay, he was wearing a renaldo jersey. all right. maybe that's why the soccer star does this. i don't know what he is saying. but i mean they're hugging. usually it's like maybe a little light touch. then he gets tackled. he must have said something to him that really got him. that's like a full 15 second bro hug. he's like listen, i won't get you beat up. you need to leave. >> yeah. >> i don't know. maybe it's soccer. with us, that gets a hard takedown and a few punches in the ribs. >> yeah, we've seen bad reaction from soccer players before. renaldo gets like big thumbs up for that, i guess. >> that may be they're long lost cousins. >> i wish i was his cousin. that is crazy stuff. oh, well. talk about what happened yesterday. missouri got drenched. three days in a row
detroit gets the win. that is 11 in a row. >>> using one of fan crashes sporting events, kind of annoying. it's kind of funny. last night in miami, renaldo led in the championship. he had two goals. an overzealous fan runs on to the field. okay, he was wearing a renaldo jersey. all right. maybe that's why the soccer star does this. i don't know what he is saying. but i mean they're hugging. usually it's like maybe a little light touch. then he gets tackled. he must have said something...
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Aug 15, 2013
08/13
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new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care cost contributing to the financial ruins threaten the economic stability. most new york city employees and retirees pay nothing for $6.3 billion in annual health insurance. workers pay little for pension that have taxpayers on the hook for $8 billion this year. spiegel in your city has 10,000 police officers retired were for under 40 and clayton pensions and they will collect the pensions for the rest of their lives. >> expired at least three years ago, the next mayor will be under pressure to win concessions. >> the unions have tried to wait it out. putti
new york citnew york city to bee fate as detroit. dealing with the pension and health care cost that has mayor bloomberg calling the risk of a bankruptcy a real concern. connell: david lee miller joins us. >> consider this, detroit is the largest u.s. city to ever declare bankruptcy. up to $18 billion. a little more than three months time. they will elect a new mayor, just days ago mayor bloomberg had his words reverberated around new york. >> bloomberg says pension and health care...
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Aug 3, 2013
08/13
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. >> take him to detroit. >> no! not detroit! >> i love you, detroit. >> massive unions, massive pensions. >> yes, lavish pensions. on average $19,000 a year which detroit now says they will pay 10 cents on the dollar. >> when union membership goes down, so do middle class wages. >> then the unions came in. then the democratic machine came in. then the drugs came in. >> every politician who puts their hand on the bible and takes the oath of office has a duty to this city and to manufacturing in this country. >> it yields a cat like kid rock. it must have good stuff in it. but the dems ran it into the ground. >> they don't have a fiscal problem, steve. they have a cultural collapse. >> see all those people in those pictures? have you ever seen so many americans be a failure at so many things? here we go again. i will not let this story go. there is more evidence detroit is truly, truly a conservative utopia. yes, i'm not going to get off this story. and it is something this country needs to pay attention to. conservatives keep bla
. >> take him to detroit. >> no! not detroit! >> i love you, detroit. >> massive unions, massive pensions. >> yes, lavish pensions. on average $19,000 a year which detroit now says they will pay 10 cents on the dollar. >> when union membership goes down, so do middle class wages. >> then the unions came in. then the democratic machine came in. then the drugs came in. >> every politician who puts their hand on the bible and takes the oath of office...
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Aug 11, 2013
08/13
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detroit? the fact that he has to be president is punishment for that. people ask like the president is get age way from it all. he's got the i'm out of office auto reply and he shuts off his phone and he's just kicking back drinking a beer. . i'm willing to bet a president on vacation probably works more hours than most people work -- >> i hope not. >> now i don't want him to go on vacation. >> some people have said he could have gone to camp david and it would have cost the tax pair a lot less. >> others have said who cares. >> some voice concern over both. >> for the martha's vineyard house. >> doesn't he stay with friends? but he stays with friends. i've got to go, by the way. we've got to take a break. more stuff when we come back. the joy of hate, amazon.com, autographed copy, best book of the year says my mother. with the spark cash card from capital one... boris earns unlimited rewards for his small business. can i get the smith contract, ease? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small
detroit? the fact that he has to be president is punishment for that. people ask like the president is get age way from it all. he's got the i'm out of office auto reply and he shuts off his phone and he's just kicking back drinking a beer. . i'm willing to bet a president on vacation probably works more hours than most people work -- >> i hope not. >> now i don't want him to go on vacation. >> some people have said he could have gone to camp david and it would have cost the...
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Aug 11, 2013
08/13
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the detroit story is sort of separate. one of the things that is lost in the discussion about detroit and our cities is the city's economy and fiscal health are oftentimes two different things. if you look at new york city new york is thriving by any definition. if you look at neighborhoods like the meatpacking district. in the 70's or 80s he wouldn't be caught dead there now looks like a casting call for the bachelorette. there are so many 20 somethings on the weekend that it's the place to be. new york is like an amusement park in many ways were the economy is doing very well. new york has fiscal problems too. many of the problems that detroit has. detroit, some of the rust belt cities are still adjusting to a massive shift in the economy from an industrial-based economy and a number of other things are happening there as well but not all cities are widely responded in research and the way that new york is that many are. i think places like detroit and buffalo and some others at the minority. overall the story about citi
the detroit story is sort of separate. one of the things that is lost in the discussion about detroit and our cities is the city's economy and fiscal health are oftentimes two different things. if you look at new york city new york is thriving by any definition. if you look at neighborhoods like the meatpacking district. in the 70's or 80s he wouldn't be caught dead there now looks like a casting call for the bachelorette. there are so many 20 somethings on the weekend that it's the place to...
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Aug 18, 2013
08/13
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the detroit story is sort of separate. one of the things that's lost in the discussion about detroit and our cities is city economy and fiscal health oftentimes do different things. look at new york city. new york is thriving by any definition but if you look at neighborhoods like the meatpacking district. and 70 and and 80 you wouldn't be caught dead there now. it's a casting call. it's like the place to be. that never would've happened before. sunnier kids kind of like an amusement park in many ways now where it used to be, the economist and very well. new york has fiscal problems, too. many of the same problems that detroit has. so those are two kind of different things. detroit is some of the rust belt cities are still adjusting to a massive shift in the coming from an industrial-based economy to a service economy detroit has a number of other things happening there as well, but not all cities are sort of wildly responded and research and the way new york is. but many are. i do think places like detroit and maybe buffa
the detroit story is sort of separate. one of the things that's lost in the discussion about detroit and our cities is city economy and fiscal health oftentimes do different things. look at new york city. new york is thriving by any definition but if you look at neighborhoods like the meatpacking district. and 70 and and 80 you wouldn't be caught dead there now. it's a casting call. it's like the place to be. that never would've happened before. sunnier kids kind of like an amusement park in...
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Aug 13, 2013
08/13
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CNN
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in our country and cities like new york, chicago and detroit, right here in d.c., white people aren't being killed or killing, it's blacks and hispanics, in new york city. i'll leave you with this note. in 2009 in new york. blacks represented about 25% -- 24% of the population. they were doing 66% of the killing. so i'm sorry, we need to -- and we need to move beyond this discussion, and we need to talk about the root cause of what's bringing the black race down, and really get with that, that's what we're not dealing with, and that's what i find unacceptable. >> does it trouble you at all that 88% of the stops that are police are doing result in the release of the person? so if there's a reason to stop the people, they're stopping, how come so many of them are innocent. >> it's kind of like when i see crime in my neighborhood, and i see a suspicious person. the first thing, i see someone breaking into a car about the first thing the police officer asks me, miss wright, what's the person's race. i don't think this is racial profiling, this is profiling for suspects. what we know, the
in our country and cities like new york, chicago and detroit, right here in d.c., white people aren't being killed or killing, it's blacks and hispanics, in new york city. i'll leave you with this note. in 2009 in new york. blacks represented about 25% -- 24% of the population. they were doing 66% of the killing. so i'm sorry, we need to -- and we need to move beyond this discussion, and we need to talk about the root cause of what's bringing the black race down, and really get with that,...
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it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions, what we haven't talked about are the health benefits owed to government workers. i think the american people, the viewers think of themselves we are and are breaking point with property taxes and we won't pay for necessities have to merge with each of the. we are seeing that in california where cities are merging to take care of the cost of urban sprawl which is too expensive and doesn't work. >> these costs of course are not going away no matter how you restructure its things and you're absolutely right. when it comes to health care costs the unfunded liability f
it is interesting because we do look and say it for the detroit. i don't think people realize they are sitting on something very similar. >> this is something that is going to happen in cities and states all across america. what we see in detroit is a precursor for the fiscal calamities that are going to occur because of unsustainable pensions and unaffordable health care costs. these have added up and we will have to pay for it one way or the other. liz: we are talking about is pensions,...
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Aug 8, 2013
08/13
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they don't have to pay union dues. >> can you blame detroit for being unfriendly? >> i wouldn't want there to be a city. >> i wouldn't want to live there. also, albany has the state government of new york. so does sacramento. i think there is something to that. look at these cities. charleston, south carolina. it is a friendly city. i love south carolina. red, red, red. deep red. >> it was a slave state -- >> i believe the study. i think it is right on point. >> take a shot. >> there is a horse running by. >> greg looked at him eye to eye. >> what a cheap shot. >> you are the unfriendliest person at the table. >> i'm sure they stop before they go on vacation and say i wonder if this is the right to work place. >> correlation. >> you get people to come to your town by having it safe and hospitable. liberal programs have destroyed that city, bob. >> everyone of them, brother. everyone of the colleges and universities have been destroyed by liberals. go to another country. get yourself another university. one more thing is up next and that is a communist free zone. mi
they don't have to pay union dues. >> can you blame detroit for being unfriendly? >> i wouldn't want there to be a city. >> i wouldn't want to live there. also, albany has the state government of new york. so does sacramento. i think there is something to that. look at these cities. charleston, south carolina. it is a friendly city. i love south carolina. red, red, red. deep red. >> it was a slave state -- >> i believe the study. i think it is right on point....
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Aug 14, 2013
08/13
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the detroit police plans to meet with the officers to offer a personal apology. the department says the incident was a clerical error, and definitely not a lapse in judgment. >> what you're not seeing is zoraida shaking her arms at the camera here, apparently not convinced about the clerical error. >> oh, my goodness. it would be nice to talk to them, wouldn't it? >> a lot to learn there. >>> a businessman being charged with trying to hire a hitman from el salvado, to murder his wife, his mother-in-law, his brother-in-law and his 9-month-old baby. prosecutors say jason simmons tried to rig his home and wipe out his family after his wife told him she wanted a divorce. it's part of the bulldog equipment that provides tactical equipment and assault equipment to government law enforcement. >>> today assess road warriors. we've all been there. you find a really cheap airfare, you book it and you realize all that you save has been eaten up by crazy fees. one airline has rolled out a program that may put an end to that frustration. united airlines will now let you pay f
the detroit police plans to meet with the officers to offer a personal apology. the department says the incident was a clerical error, and definitely not a lapse in judgment. >> what you're not seeing is zoraida shaking her arms at the camera here, apparently not convinced about the clerical error. >> oh, my goodness. it would be nice to talk to them, wouldn't it? >> a lot to learn there. >>> a businessman being charged with trying to hire a hitman from el salvado, to...
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Aug 8, 2013
08/13
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you want to see detroit's problem, look at this graph. in 1950, there were almost 2 million people in detroit, 2 million. now that number is down to around the 700,000, which means, when your city is shrinking like that, you end up with an eroding tax base. incapable, completely unable to pay off the pension costs that were incurred. and also not just pensions, but city services, infrastructure, all of it. in comparison, over that same period of time, new york has seen its population grow by more than half a million people, it's not been detroit. and another thing, detroit's economy has been nothing short of catastrophic. according to the city's own bankruptcy court declaration, the city lost approximately 80% of its manufacturing base. new york's economy by contrast has been booming. booming under bloomberg for better or worse. the key industry finance remains atop the world. one factor is that the fact that the city remains utterly and unbelievably racially segregated. this is a map of detroit, with dots corresponding for neighborhoods.
you want to see detroit's problem, look at this graph. in 1950, there were almost 2 million people in detroit, 2 million. now that number is down to around the 700,000, which means, when your city is shrinking like that, you end up with an eroding tax base. incapable, completely unable to pay off the pension costs that were incurred. and also not just pensions, but city services, infrastructure, all of it. in comparison, over that same period of time, new york has seen its population grow by...
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Aug 12, 2013
08/13
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the first part is, we notice as we speak, detroit's going bust. so, the first part of the question is, what cities are having the problems you're talking about and why do you think that is and then what cities are not? >> guest: our city story is a tail of -- tale of two cities and the detroit story is separate. one thing that is lost in the discussion about detroit and our cities is that cities' economies and fiscal health are often times two different things. you look at new york city. new york is thriving by any definition. you look at neighborhoods like the meat packing district, in the '70s and '8ss you wouldn't be caught dead there now it's so many 20 somethings on the weekend, the place to be, and that would have never happened before. so new york is like an amusement park. the economy is doing very well. but new york has fiscal problems, too. many of the same fiscal pension problems that detroit has. so those are two different things. detroit is some of the rust belt cities are adjusting to as massive shift from an industrial economy to se
the first part is, we notice as we speak, detroit's going bust. so, the first part of the question is, what cities are having the problems you're talking about and why do you think that is and then what cities are not? >> guest: our city story is a tail of -- tale of two cities and the detroit story is separate. one thing that is lost in the discussion about detroit and our cities is that cities' economies and fiscal health are often times two different things. you look at new york city....
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Aug 10, 2013
08/13
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you're right in your description of detroit but detroit is kind of one of a kind. it is actually a mistake. there are people who said that. none of them are on this panel. it is a mistake to say we're all greek -- we're all greece or we're all detroit. detroit with its declining tax base, that is really at the heart of many of the problems we're seeing here other cities don't quite face that. and there are bad actors but there are also good actors. it is clear that almost no pension plan is fully funded. almost no pension plan is fully funded. once you get on 80% or 90%, you're in very good shape. >> maybe that's what we need to change. >> i would point out that part of the reason you don't have overfunded pension funds is that government regulations discourage funds from having more than 80% or 90%. that's a real problem. you get years like 2007 or 1999 where you've got a big booming market. and then the irs says disgorge all these extra overfunding that you have. and then when the market crashes, as everyone knew it would, a lot of these ended up in problems. i a
you're right in your description of detroit but detroit is kind of one of a kind. it is actually a mistake. there are people who said that. none of them are on this panel. it is a mistake to say we're all greek -- we're all greece or we're all detroit. detroit with its declining tax base, that is really at the heart of many of the problems we're seeing here other cities don't quite face that. and there are bad actors but there are also good actors. it is clear that almost no pension plan is...
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Aug 10, 2013
08/13
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land in detroit right now is cheap. you can buy a house there if you want, but no one wants to right now. all right. so go elsewhere. >> all right. is part of the solution credit? >> i thought that was how we developed alaska, incentivizing people out there. but the government's had a role of developing this country. the private sector is strong enough now to handle the for profit housing market. there is a way to make money from a lot. there's all of these funds that are buying dilapidated properties. however, when you have a situation that's uneconomic where there is no free market solution, that's when it becomes the role of government. when you've got a house that's dilapidated, it's not going to go away if it's worth nothing like in detroit, for example. otherwise it's like a manmade disaster like a dust bowl. we have to fix up our own mistakes we made. >> okay. john, you've heard it all. >> frannie and freddie are going away, why aren't you celebrating? >> i was just in france, and, believe me, they like texan wea
land in detroit right now is cheap. you can buy a house there if you want, but no one wants to right now. all right. so go elsewhere. >> all right. is part of the solution credit? >> i thought that was how we developed alaska, incentivizing people out there. but the government's had a role of developing this country. the private sector is strong enough now to handle the for profit housing market. there is a way to make money from a lot. there's all of these funds that are buying...
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Aug 2, 2013
08/13
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>> steve: i'm doing better than detroit. detroit should have seen this coming. when you spend lots more on your outgo than your income, that will be your downfall, to quote you. >> detroit had a real serious maybe terminal case of cranial rectumitis. that's a technical term. in 1954, a little half breed indian woman who was born on a reservation southeast of oklahoma never had more than a second grade education issue never had a bank account, but she pulled her grandson to her and put her arms around him and said, listen, larry wayne, she handed him a 5-dollar bill. she said, you take good care of that and don't spend that like a fool because it may be the last one i ever get to give you. she had been through the depression and knew banks would close. she never had a bank account or credit card. never yet wrote a check in her life. she paid her bill every saturday morning after my grandfather gave her his check from sinclair oil company on friday afternoon. she told me, don't you ever forget this, as she handed me that five. when your outgoing exceeds your incom
>> steve: i'm doing better than detroit. detroit should have seen this coming. when you spend lots more on your outgo than your income, that will be your downfall, to quote you. >> detroit had a real serious maybe terminal case of cranial rectumitis. that's a technical term. in 1954, a little half breed indian woman who was born on a reservation southeast of oklahoma never had more than a second grade education issue never had a bank account, but she pulled her grandson to her and...
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Aug 16, 2013
08/13
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detroit is the largest city in the u.s. to declare bankruptcy in the red more than $18 billion. other even larger cities could be next. in a little more than three months, new yorkers will elect a new mayor. in a recent warning from mayor michael bloomberg to his successor is now reverberating around the city. >> avoiding the hard choices is how detroit went bankrupt. >> reporter: bloomberg says health and pension costs for city work that's right contributed to detroit's financial ruin threaten economic stability. most new york city employees and retirees pay nothing for $6.3 billion in health insurance. workers also pay little for tensi pensions that have taxpayers on the hook for $8 billion this year. >> new york city has right now 10,000 police officers retired who are under 40 and collecting pensions and they will technically collect those pensions for the rest of their lives. >> reporter: contracts for almost all 300,000 city workers expired at least three years ago. the next mayor will be under pressure to win concessions. >> the unions have tried to wait it out. they don'
detroit is the largest city in the u.s. to declare bankruptcy in the red more than $18 billion. other even larger cities could be next. in a little more than three months, new yorkers will elect a new mayor. in a recent warning from mayor michael bloomberg to his successor is now reverberating around the city. >> avoiding the hard choices is how detroit went bankrupt. >> reporter: bloomberg says health and pension costs for city work that's right contributed to detroit's financial...
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Aug 12, 2013
08/13
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i think places like detroit and buffalo and others are the minority. over all the story about a cities right now is that more people are staying in them and more people with families, young couples with families. >> host: seattle is thriving in the booming, bamberger is thriving and booming, chicago is thriving and booming. what do these places have in common? >> guest: it's living in the city and raising kids in the city is an option now where it didn't used to be and if that is a number of reasons i talk about in the book. it's the same thing driving away from serbia. rising gas prices come people having fewer children, wanting more sense of liveliness in their communities, schools improving in the cities. the schools are still big issues in the nevado people to the suburbs but that is starting to change, so and cities are different. a city like seattle or st. wallsten it's easy to have a suburban lifestyle in those cities you can have a single-family detached house and still be in the city and in fact you are living in a kind of dense -- usually tho
i think places like detroit and buffalo and others are the minority. over all the story about a cities right now is that more people are staying in them and more people with families, young couples with families. >> host: seattle is thriving in the booming, bamberger is thriving and booming, chicago is thriving and booming. what do these places have in common? >> guest: it's living in the city and raising kids in the city is an option now where it didn't used to be and if that is a...
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dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car costss$28,000. that is good but if people are stuck in loans that are so long that the car's worth less than they owe that is a problem. dagen: one last thing. how do people in default if the elected a bankruptcy filing? talking about how great car sales are but how are the folks doing? >> it is a mixed picture. there is nervousness, there is a feeling that a lot of this had to happen, it was inevitable and the future is better but how we get from here to the future is an uncharted road. dagen: thanks for being here, you're welcome back anytime, taught cars all
dagen: i am a daily reader of the detroit free press. it was last week you ran article about some of the things that were bothersome like car loans, the terms are getting longer. why is that disturbing? why should we be concerned about that? >> a couple things to keep an eye on to make sure they don't get out of whack and one of the ms. this 72 month, six your car loan accounted for 30% of sales in july. that is a long time supporting higher sales prices for cars. the average car...
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is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise property taxes 50% to 100%. lori: who is going to vote for that? >> the illinois constitution says you have to pay the pensions so here you have the immovable object and irresistible force. >> any other sources? >> no matter where the money comes from is coming from taxpayers, not the state of illinois. they are a fiscal mess. they don't have enough money to put in their pension system. they have been borrowing billions every year and i can't think of another state with a fiscal problem that the level they do so is not from illinois. lori: is in a domino situation? we watched detroit and now chicago, woul
is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% funded. lori: may be funded through property taxes. no one will raise property taxes. >> interesting you say that. former chief financial officer of chicago did an estimate, in order to pay the bill they would have to raise...
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Aug 9, 2013
08/13
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but piornack is feeling detroit's financial woes in other ways, too. he's is just one of nearly 30,000 current and retired city workers who expect to see cuts to their pensions and health care benefits as the city tries to dig itself out of financial ruin. detroit can't pay its bills, and it is looking to cut debts that city officials say reaches $18 billion. >> i feel very let down, my father was a police officer in the city, i've been a fireman in the city, my son is a fireman in the city. i feel like i've really been let down. >> reporter: just weeks ago, detroit became the largest municipality ever to file for bankruptcy. there are many unknowns as the city attempts a restructuring plan. stephen henderson, editorial editor at "the detroit free press grew up here and is intimately aware of the city's fighting spirit but says bankruptcy may be the city's toughest challenge yet. >> there's not much difference between most places in detroit and post-katrina new orleans. its not as shocking because it happened over a long period of time, but it's just a
but piornack is feeling detroit's financial woes in other ways, too. he's is just one of nearly 30,000 current and retired city workers who expect to see cuts to their pensions and health care benefits as the city tries to dig itself out of financial ruin. detroit can't pay its bills, and it is looking to cut debts that city officials say reaches $18 billion. >> i feel very let down, my father was a police officer in the city, i've been a fireman in the city, my son is a fireman in the...
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Aug 28, 2013
08/13
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paid to the detroit's retirees and spouses. retirees are fighting back in court, but as that plays out it's a waiting and worry. connie is 6 64 years old. she was married to a police officer who died nine years ago she was receiving pension from his benefit. connie, thank you so much for being with us. first of all my mother would admire you because you live a frugal live. you haven't worked. you're getting your husband's pension, and you live frugally. but now this is a problem. you could make it on that $25,000 a year which is half as much as more americans could make it on, but now you're worried where that is going to come from. >> right. >> what are your options? what are you thinking about? >> well, i've already talked to my son and my daughter-in-law that if i have to i could always back in and live with them, but i'm 64, i really don't want to live with my son and five kids. if i have to, i have to. >> this is a tough thing. you just heard the story that my friend duarte did about the firefighters in west virginia. your
paid to the detroit's retirees and spouses. retirees are fighting back in court, but as that plays out it's a waiting and worry. connie is 6 64 years old. she was married to a police officer who died nine years ago she was receiving pension from his benefit. connie, thank you so much for being with us. first of all my mother would admire you because you live a frugal live. you haven't worked. you're getting your husband's pension, and you live frugally. but now this is a problem. you could make...
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Aug 4, 2013
08/13
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what does it mean to detroit? >> this is tough, tough, tough for detroit. the manufacturing jobs in detroit have disappeared. back in the 50's 300,000 manufacturing jobs. last year, 27,000 jobs. those jobs have dispersed all over the united states and some are replaced by computers. the jobs are not coming back. detroit used to have a population of 1.85 million people. now they barely hit 700,000. this is a city that has been in decline for 60 years. tough times. >> heather: will the trend continue in 2014? for car sals, in general. >> guest: car sales can remain a recovery story because of pent up demand and the very old cars on the road. i don't thing we will suddenly see 25 million cars being sold. >> heather: not good news know detroit. 300,000 manufacturing jobs and down to 27,000. we appreciate you joining us. do you remember your first car in mine was a 64corvair. >> gregg: i had a mercury colony park used. it was wasn't a model t. >> the fight for the soul of the republican party with new jersey governor chris christie and kentucky senator rand paul
what does it mean to detroit? >> this is tough, tough, tough for detroit. the manufacturing jobs in detroit have disappeared. back in the 50's 300,000 manufacturing jobs. last year, 27,000 jobs. those jobs have dispersed all over the united states and some are replaced by computers. the jobs are not coming back. detroit used to have a population of 1.85 million people. now they barely hit 700,000. this is a city that has been in decline for 60 years. tough times. >> heather: will...
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Aug 1, 2013
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the average negligence detroit -- average pension in detroit is $19,000. hardly lavish. the pensions and i would argue we have to save detroit. >> neil: a lot of cities in line. i'm not blaming unions. a lot of inept imaginer -- managers that let his happened but unfunded high schools that can't -- unopportunitied liabilities. you have a host of other u.s. cities in arrears, a number of states on the brink. where do you draw the line? >> the problem in detroit is similar to other stays and that's a conscious effort to deindustrialize america. these are primarily industrial cities. and when we moved production offshore, we lost good-paying jobs -- >> neil: i understand that but it happened. we can blame a lot of people. but it's done. now what do you do to correct that? >> and we lost two-thirds of the population. there's no enter prize in america that can do well,. >> neil: where is the money going to come from? >> we bailed out the banks. and those folks are doing better now than they've ever been. >> neil: bailed out the auto company. >> we gave them a bridge loan. so
the average negligence detroit -- average pension in detroit is $19,000. hardly lavish. the pensions and i would argue we have to save detroit. >> neil: a lot of cities in line. i'm not blaming unions. a lot of inept imaginer -- managers that let his happened but unfunded high schools that can't -- unopportunitied liabilities. you have a host of other u.s. cities in arrears, a number of states on the brink. where do you draw the line? >> the problem in detroit is similar to other...
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Aug 5, 2013
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detroit may be starting that by hiring christie's to appraise the item at the detroit institute of art. cn cnbc's own robert frank joins us now with all of the art details. >> detroit's emergency manager hired christie's to assess the collection of the dia. the art is valued by many at over $1 billion. while there is no specific plan to sell the assets, the move was taken at the request of creditors. he said the city must know the current value of all of its assets, including the city owned check at the dia. orr's statement goes on to say there has never been nor is there now any plan to sell the art. this valuation as well as the valuation of other city assets is an integral part of the restructuring process. he said they will also advise the city on non-sale alternatives. not sure what that means. they will value works like this one, a van gogh portrait that could be worth over $100 million alone, it includes works of picasso, miguel. they say they will continue to folks on being as positive force for the city. this has been a huge controversy with some of the public pensions saying
detroit may be starting that by hiring christie's to appraise the item at the detroit institute of art. cn cnbc's own robert frank joins us now with all of the art details. >> detroit's emergency manager hired christie's to assess the collection of the dia. the art is valued by many at over $1 billion. while there is no specific plan to sell the assets, the move was taken at the request of creditors. he said the city must know the current value of all of its assets, including the city...